• About us
  • Contact us
  • Home
  • Privacy Policy
Saturday, April 1, 2023
New Citizen
No Result
View All Result
  • Login
  • Home
  • Nation
  • Politics
  • Business & Economy
  • Health
  • Education
  • Sport
  • Arts & Life
  • Culture & Entertainment
  • World
  • Perspectives
  • About us
  • Home
  • Nation
  • Politics
  • Business & Economy
  • Health
  • Education
  • Sport
  • Arts & Life
  • Culture & Entertainment
  • World
  • Perspectives
  • About us
No Result
View All Result
New Citizen
No Result
View All Result
Home Business & Economy

Savings through FGN bonds more profitable than banks – DMO

NAN by NAN
9 months ago
in Business & Economy
0
Ms. Patience Oniha, DG of DMO

Ms. Patience Oniha, DG of DMO

By A Correspondent

The Debt Management Office (DMO) says it is more profitable for Nigerians to invest their monies in the Federal Government of Nigeria (FGN) savings bonds than saving in banks.

READ ALSO

Unlock $22bn AfCFTA opportunities from gender perspective – Expert

NBTI committed to helping achieve FG’s revenue generation objective —- DG

Patience Oniha, the Director-General of DMO said this on Tuesday in Ibadan at the FGN Securities Issuance awareness programme.

The News Agency of Nigeria (NAN) reports that the awareness programme was jointly organised by DMO and the stockbroking firm of the FG, CSL Stockbrokers Limited.

Oniha, represented by Mr Monday Usiade, the Director, Market Development Department of the DMO, urged Nigerians to embrace investment in the various FGN Securities to enhance their earnings.

“Saving is a culture we must all imbibe, and the FGN savings bond has come to help Nigerians save.

“The driving force is to encourage us to save in a secure environment. The Federal Government cannot default on a loan in its own currency,’’ she said.

The director-general said that the various FGN securities, like the Treasury Bills, FGN Bond, FGN Savings Bond, Euro Bond, Green Bond and Sovereign Sukuk, were already competing with the banks.

“There is the need to challenge the banks to improve on their service delivery,’’ she said.

According to her, the FGN savings bond is specifically designed for retail investors, and to encourage financial inclusion.

She said that government borrowing was not necessarily a problem, provided the borrowings were invested on infrastructure development and investment in the productive sector of the economy.

Earlier, Mr Fortune Ibe from CSL Stockbrokers Limited, said that the investment in FGN Securities was an additional way for Nigerians to make money.

Ibe said that the objective of the programme was to create awareness among retail investors.

“The Federal Government is telling Nigerians that they can borrow their money for infrastructure and they will get interest rate on it.

“The interest rates on FGN securities is higher than what the banks will give you.

“With as little as N5,000, Nigerians can now invest in FGN savings bond. It is an avenue through which the government raises funds to develop infrastructure.

“It also contributes to the development of the financial market, attracts foreign investors into the financial market and enhances savings and investment opportunities of the populace,’’ he said.

NAN reports that some respondents at the programme expressed satisfaction at the various incentives and investment opportunities provided by the FGN Securities. (NAN)

 

Share this:

  • Tweet
  • Print
  • Telegram
  • WhatsApp

Copyright © 2022 | New Citizen Nigeria

Tags: banksCSL Stockbrokers LtdDebt Management OfficeDMOEuro BondFGN BondFGN SecuritiesFortune IbePatience OnihaprofitsSukuk

Related Posts

Business & Economy

Unlock $22bn AfCFTA opportunities from gender perspective – Expert

March 31, 2023
Business & Economy

NBTI committed to helping achieve FG’s revenue generation objective —- DG

March 31, 2023
Business & Economy

Access Bank partners AfriGOpay to boost Nigeria’s payment ecosystem

March 30, 2023 - Updated on March 31, 2023
Business & Economy

Zenith Bank grows gross earnings to N945.5bn in 2022

March 29, 2023
Business & Economy

China unveils top 10 archaeological discoveries of 2022

March 28, 2023
Business & Economy

Airtel commissions largest primary school in Gombe

March 28, 2023
Next Post
Boss Mustapha

Boss Mustapha harps on investment, diversification to boost economy

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

POPULAR NEWS

No Content Available

EDITOR'S PICK

PDP's Christopher Zakka won the AMAC chairmanship election

FCT Poll: INEC declares Zakka of PDP winner of AMAC chairmanship election

February 13, 2022
Felix Hassan Hyet

2023: Kaduna PDP urges other parties to close rank

March 2, 2023
Suleiman Zailani, the poet

FIRST MEETING

January 5, 2022
Nestlé is Top Employer 2022

Nestlé is Top Employer 2022

January 28, 2022

About

NEW CITIZEN is a Nigerian online newspaper that reports or comments on the burning issues of the moment. Based in Abuja, it is managed by some of the best hands in Nigerian journalism, bringing together decades of active journalism.

Follow us

Recent Posts

  • White House proposed protest against Tinubu has no merit- APC U.S
  • Tinubu ‘ll take Nigeria out of woods, says APC Chieftain
  • NPC promises credible, reliable census
  • Illicit fire arms, cultism, major threat to security, peace in Lagos – CP Owohunwa

Trending

  • Kogi west senate: Accord candidate promises support for APC Senator-elect
    Kogi west senate: Accord candidate promises support for APC Senator-elect
  • Ex-Kannywood actress Fati Ladan advises women on marriage
    Ex-Kannywood actress Fati Ladan advises women on marriage
  • Airtel commissions largest primary school in Gombe
    Airtel commissions largest primary school in Gombe
  • Garrison Commander assures police command of robust collaboration
    Garrison Commander assures police command of robust collaboration
  • Police suspect foul play as 135 'stolen' livestock return to Sokoto farm
    Police suspect foul play as 135 'stolen' livestock return to Sokoto farm

Quick Links

  • Home
  • Contact Us
  • About us
  • Privacy Policy
  • Home
  • Contact Us
  • About us
  • Privacy Policy

Copyright © 2022 | New Citizen Nigeria.

No Result
View All Result
  • Home
  • Nation
  • Politics
  • Business & Economy
  • Health
  • Education
  • Sport
  • Arts & Life
  • Culture & Entertainment
  • World
  • Perspectives
  • About us

Copyright © 2022 | New Citizen Nigeria.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In